Wells Fargo is deploying artificial intelligence, machine learning and robotic processing in a new accounts receivable service that it says will simplify payment and remittance data capture as well as invoice matching.
The Integrated Receivables service automatically captures data from payments and invoices. It corrects and validates remittance information using machine learning and the customer's accounts receivable data.
Integrated Receivables and its underlying technologies enable error correction while improving matching logic over time, a process the company says can help clients conserve labor and other resources.
The system corrects both human error and mistakes made in data-imaging or data-capturing systems, and it has an option for manual validation as needed. Machine learning engages when any correction is made in order to store accurate information for future use.
“Integrated Receivables allows our clients to spend less time working on piecing together payments data and more time focusing on their core business objectives,” Danny Peltz, head of treasury management and payment solutions for Wells Fargo, said in a press release Wednesday. “By automating the capture of payments and the matching of funds to invoices, Integrated Receivables can help produce significant operational cost savings, reduce the risk of incomplete or inaccurate data entry and accelerate cash flow.”
DadeSystems, a leading provider of automation solutions for accounts receivable, provides the core technology for Integrated Receivables. In February of 2020, Wells Fargo made an investment in DadeSystems to support the growth of the company’s suite of technology solutions.
Integrated Receivables is a fee-based service that can be accessed through Wells Fargo's Commercial Electronic Office banking portal.
"We are excited about this extension of our relationship with Wells Fargo,” said Bill Zayas, CEO of DadeSystems. “Wells Fargo and DadeSystems recognize the potential for accounts receivable automation to improve efficiencies for a wide range of businesses from smaller companies to the largest and most complex.”
Wells Fargo, which has approximately $1.9 trillion of assets, says it currently serves one in three U.S. households and more than 10% of small businesses in the United States. It's those kinds of companies the bank is viewing as key beneficiaries of the new accounts receivable system.
“With this solution, the software does the bulk of the heavy lifting behind the scenes,” said Chris Noe, Wells Fargo’s head of treasury management product innovation. “We have incorporated multiple receivables solutions onto a single platform that is payment channel agnostic."
